This report documents findings and recommendations by the Ultrafast Computing Team (UCT). In the period 10-12/98, UCT reviewed design case scenarios for a supersonic transport and a reusable launch vehicle to derive computing requirements necessary for support of a design process with efficiency so radically improved that human thought rather than the computer paces the process. Assessment of the present computing capability against the above requirements indicated a need for further improvement in computing speed by several orders of magnitude to reduce time to solution from tens of hours to seconds in major applications. Evaluation of the trends in computer technology revealed a potential to attain the postulated improvement by further increases of single processor performance combined with massively parallel processing in a heterogeneous environment. However, utilization of massively parallel processing to its full capability will require redevelopment of the engineering analysis and optimization methods, including invention of new paradigms. To that end UCT recommends initiation of a new activity at LaRC called Computational Engineering for development of new methods and tools geared to the new computer architectures in disciplines, their coordination, and validation and benefit demonstration through applications.